Why Strategy's European preferred stock STRE fails with European investors

Strategy sought to replicate a successful business model with its European preferred share, Stream (STRE). However, the ambitious project failed due to reality: despite a 10 percent annual dividend rate and a theoretically appealing concept, STRE has been able to generate limited attention since its launch in November. The reasons for this failure are manifold – and show structural problems that go beyond a single preferred share.

The structural hurdles of the European preferred share

The preferred share Stream was issued with a nominal value of EUR 100 (USD 115) and pays an annual dividend of 10 percent. This was to make it the European counterpart to the successful American preferred stock Stretch (STRC). Strategy ultimately raised $715 million, but fixed the price at €80 per share due to market conditions – a 20 percent discount to the issue price.

While the financial product looked promising on paper, STRE lacked real market adoption. The reason is partly due to accessibility: the preferred share is listed exclusively on the Euro MTF in Luxembourg, a platform with limited reach for individual investors. Major global brokers such as Interactive Brokers do not offer STRE, and many other trade-oriented platforms do not support the instrument either.

Transparency deficits paralyze liquidity

In addition to the inadequate distribution infrastructure, there is a second critical problem: the lack of market transparency. Historical price data is difficult to see, and reliable market information is in short supply. This makes it much more difficult for investors to assess liquidity and performance. On platforms like TradingView, the preferred stock is barely visible – it shows a market capitalization of $39 billion with a minimum trading volume of just 1,300, a clear sign of a lack of market activity.

These lack of transparency create a vicious circle: Poor data quality leads to less investor interest, which in turn reduces liquidity and deters investors even more.

Why European financial infrastructure could be the key

Khing Oei, founder and CEO of the Dutch Bitcoin treasury company Treasury, has analyzed the problems and identified concrete solutions. Oei argues that STRE should be re-listed on alternative European trading markets – especially on platforms with stronger distribution channels.

The Dutch financial and trading infrastructure could be a superior model: it offers broader distribution opportunities, deeper market formation, tighter bid-ask spreads and more direct access for individual investors. These conditions would significantly increase the scalability and market acceptance of the European preferred share.

Strategy’s future course in Europe remains uncertain

The key question is: Will Strategy intensify the European expansion of its preferred stock strategy or continue to focus on the US market?

Strategy had recently also discussed expansion into other markets such as Japan, but had postponed this for the time being. In the U.S., the company already has four perpetual preferred share products with significantly better market integration and investor base. The coming months will show whether CEO Michael Saylor and his team will implement the European lessons or give way to other markets first.

Meanwhile, the overall market is experiencing volatile movements, with Bitcoin transactions under pressure in early 2026, with the price at around $83,690 on Jan. 29. Spot trading volumes in the crypto space have halved from $1.7 trillion to $900 billion, indicating more cautious overall market condensation. In this respect, the macroeconomic environment may also have played a role in the fact that the European preferred share did not receive the expected tailwind it needed.